CrunchUrl is a simple utility which allows you to quickly crunch/trim/shrink/compress/shorten web addresses for emails, forum posts, blogs, Twitter, mobile text messages etc. where sharing a short URL is preferable to a long unsightly one.

Please Note: Suitable only for version iPhone OS 3.0 (or above) – due to the copy/paste functionality required.

http://appshopper.com/utilities/crunchurl